Answer Posted / h.r. sreepada bhagi
While recording business transactions for the purpose of
preparing Income Statements & Balance at the end of the
year, certain fundamental assumptions are essential. These
assumptions are called 'Accounting Principles'. These
principles are dived in to 'Concepts' & Conventions - A few
example of these are - 1. Going Concern, 2. Accounting
Period, 3.Money Measurement, 4. Matching, 5. Materiality, 6.
Consistency, 7. Business Entity, etc. Sometimes, the terms
'Concepts' & Conventions are not distinguished.
For more information, read Accountancy with fundamental
principles or Book on Principles of Accounting. Since this
needs elaboration, my answer is not complete.
Is This Answer Correct ? | 3 Yes | 3 No |
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